LAM.L Regulatory News (LAM)

14 November 2013

LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")

INTERIM MANAGEMENT STATEMENT

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, today publishes its Interim Management Statement for the period from 1 July to 13 November 2013.

Summary and outlook

The Group has continued to make good progress and performance for the year ending 31 December 2013 remains in line with our expectations.

Operational update

The Group has performed well during the period and our portfolio of projects is progressing well. We have continued to build on our existing strong track record in safety at our facilities in the Hamriyah, Sharjah and Jebel Ali facilities. The Group has also introduced a number of initiatives in order to improve efficiency and to maintain a tight control of costs.

Further, Lamprell has successfully completed several of its key projects. We delivered the first Caspian Sea jackup rig to the client during the period, marking another significant milestone for the Group. The Group has also delivered the final set of modules to the client for use in the North Sea sector. These modules were completed on schedule and to a high specification.

We also completed and delivered the "Jindal Star" jackup rig, a LeTourneau Super 116E (Enhanced) with a self-elevating design, to the Jindal group for use in the offshore India sector. The project was completed without any lost time incidents and represents the 13th new build jackup rig that Lamprell has delivered.

In August we were awarded a new contract by Greatships for the construction of a Super 116E jackup rig. This is the second such rig for Greatships. The first was delivered in January 2013.

In September we were awarded a major rig conversion and refurbishment contract by Millennium Offshore Services group (MOS). The contract relates to the conversion of the "MOS Frontier," a three-legged Type MLT116C jackup rig.

Financial position

Our net cash position at 30 June 2013 was US$151m. As expected, the net cash position will trend downwards towards the year-end in line with the normal project cycle.

Board

On 1 October Joanne Curin took up her role as Chief Financial Officer for the Group and as an executive director. As announced previously, Frank Nelson has now retired.

Outlook

We continue to see high demand for our core services with a strong pipeline of opportunities. The Group's order book at the end of October was valued at US$ 1.0 billion (30 June 2013: US$1.1 billion), predominantly comprising the on-going construction of eight new build jackup rigs, with the bid pipeline remaining at a high level of approximately US$ 4.6 billion (30 June 2012: US$ 4.6 billion). Our outlook for the year ending 31 December 2013 remains in line with our expectations.

Jim Moffat, Chief Executive of Lamprell, commented:

"We are pleased with the progress that Group has made since the half year. Our project execution has been solid and we have again proven our ability to deliver projects to a high build quality and with a strong safety record. Looking forward into 2014, the Group will be delivering a number of major projects and will be focussed on managing these projects actively to achieve timely deliveries. In the meantime, we have won important new orders in our chosen markets and will continue to prioritise the conversion of our substantial pipeline into new orders."

- Ends -

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